2017 WEL Networks
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Annual Report
56
WEL NETWORKS LIMITED
Notes to the financial statements
For the year-ended 31 March 2017
(continued)
18 COMMITMENTS
(a)
Capital commitments
Capital expenditure contracted for at the end of the reporting period but not yet incurred is as follows:
19 RELATED PARTY TRANSACTIONS
(a)
Transactions with other related parties
The ultimate parent of WEL Networks Limited is WEL Energy Trust which owns 100% of the shares.
All members of the Group are considered related parties of WEL Networks Limited. This includes the subsidiaries
and associated companies.
(i)
Key management compensation
Key management personnel compensation for the years ended 31 March 2017 and 31 March 2016 is set out below.
The key management personnel are all the directors of the Group and the executives with the greatest authority for the
strategic direction and management of the Group.
2017
$’000
2016
$’000
Property, plant and equipment
1,060
21
Intangible assets
14
-
1,074
21
Within one year
1,070
1,299
Later than one year and not later than two years
777
939
Later than two year and not later than five years
2,109
2,696
Later than five years
10,313
4,919
14,269
9,853
Key management compensation
Salaries and other short-term employee benefits
3,636
2,332
Termination benefits
-
-
Post-employment benefits
109
69
Other long-term benefits
-
-
Share-based payments
-
-
Total
3,745
2,401
(b)
Operating lease commitments
The Group leases land, premises, vehicles and equipment. Operating leases held over properties give the Group the right
to renew the lease subject to a predetermination of the lease rental by the lessor. There are no options to purchase in
respect of land and premises held under operating leases.
